GKID: e-retailers operating from abroad pose a great challenge to Hungarian online stores

By: Trademagazin Date: 2024. 03. 01. 12:26

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Customers spent more wisely last year and, due to the cheaper prices, noticeably more people order from foreign online stores, which poses a great challenge for domestic retailers – said the senior consultant of the market research company GKID at the Ecommerce Expo professional event in Budapest on Thursday.

In his presentation, Norbert Madar explained: according to preliminary data, domestic online retail will reach an annual turnover of around HUF 1,500 billion in 2023, 8.5 percent more than the previous year.

He pointed out that after the end of the coronavirus epidemic, for the first time in its history, online trade traffic grew more slowly than traditional store trade, because customers returned to stores.